The new report by Expert Market Research titled, ‘Global Drill Pipe Market Share, Size, Demand, Report and Forecast 2023-2028’, gives an in-depth analysis of the global drill pipe market, assessing the market based on its segments like type, grade, application, and major regions.
Drill Pipe Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 1.60 billion
• Forecast CAGR (2023-2028): 5.4%
• Forecast Market Size (2027): USD 2.19 billion
|Market Size in 2021||USD 1.60 billion|
|Revenue Forecast in 2027||USD 2.19 billion|
|Growth Rate CAGR||5.4%|
|Major Players||Drill Pipe International, LLC, RK Pipe and Supply, LLC, Premier Drill Products, Oil|
CountryTubular Limited., and PetroMaterials Corporation, among others.
The surging focus on expanding new oil and gas fields is driving the market growth of drill pipes across the globe. The increasing demand for energy coupled with the growing drilling operation and rising industrialisation is expected to fuel the market growth of drill pipes over the coming years.
The rising investment in drilling activities along with the surging technological advancements and innovations correlated to drilling activities are further expected to propel the global drill pipe market demand during the forecast period. Moreover, the surging investment in unconventional gas exploration is further driving the market growth of drill pipes.
Drill Pipe Industry Definition and Major Segments
Drill pipes are utilised to manage different types of loads and are implemented in various environmental conditions. It has become a crucial tool used for drilling in oil fields. It features hollow piping that has thick walls that transmits the required drilling fluids and torque to the drill bit across the wellbore on the drilling rig.
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By type, the drill pipe market is divided into:
• Standard Drill Pipe
• Heavy Weight Drill Pipe (HWDP)
Based on grade, the market is bifurcated into:
On the basis of application, the market is segmented into:
Based on region, the market is categorised into:
• Latin America
• North America
• Asia Pacific
• Middle East and Africa.
Drill Pipe Market Trends
The global drill pipe market is anticipated to witness growth during the forecast period due to an increase in onshore oil production coupled with increasing onshore drilling activities in regions like North America. Moreover, the substitute of the existing drilling activities to boost the production capacity of the rig is further anticipated to fuel the market growth of drill pipes across the globe over the coming years.
With an upsurge in demand for oil and gas production activities in countries like Canada and the United States, the market growth of drill pipes is expected to bolster globally in the upcoming years.
Key Market Players
Some major players in the market:
• Drill Pipe International, LLC
• RK Pipe and Supply, LLC
• Premier Drill Products
• Oil Country Tubular Limited.
• PetroMaterials Corporation
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